Steel prices to rise in spite of auto slowdown

Kolkata : Prices of flat and long steel products are likely to increase from next month, on the back of increased costs and low inventory levels. Steel industry representatives indicated the domestic steel prices were currently lower than global levels, about $30-$40 a tonne. “The attractiveness of imports has gone as international prices are higher," a steel producer said. This is tempting producers to increase prices.

The price of hot rolled coil, the benchmark for flat steel, is $793 a tonne in the international market, down from $835 a tonne in March. Rebar (in the long product segment), has been holding on, however. Its prices, which were at $741 a tonne in March, are now at $747 a tonne.